Cape Town – The Paris-based Financial Action Task Force says while South Africa has a solid legal framework to fight money laundering and terrorist financing, it has significant shortcomings implementing an effective system, including a failure to pursue serious cases.
’’It helped generate substantial corruption proceeds and undermined key agencies with roles to combat such activity. Recent initiatives have started to address the situation, including replacing key staff and increasing resources at law enforcement and judicial agencies. ’’South African authorities have achieved some good results confiscating criminal proceeds. However, they have struggled to recover assets from ‘State Capture’ and proceeds that moved to other countries,’’ the report said.
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